return icon Vietnamnet.vn

Cashless payments record strong growth in Vietnam

The number of non-cash payments in Vietnam has steeply risen so far this year.

The number of non-cash payments in Vietnam has steeply risen so far this year (Illustrative photo: netnews.vn)

 

 


The information was revealed by theMinistry of Planning and Investment during a conference on the implementationof the Government’s Resolution 02/NQ-CP on improving the business climate andraising the national competitiveness.

Cashless payment is among the significantissues stated in Resolution 02 issued earlier this year.

Total transactions via the banks’ e-paymentsystem increased 23.23 percent in number and 17.63 percent in value against thesame period last year.

As of March 31, online payments expanded65.81 percent in number and 13.46 percent in value year-on-year.

Notably, in the period, mobile paymentwitnessed a year-on-year surge of 97.75 percent and 232 percent in number andvalue, respectively.

The growth of the number of people makingmobile payments in stores in Vietnam is the fastest, according to the GlobalConsumer Insights Survey 2019 conducted in 27 territories and countriesworldwide by PwC.

The country's mobile payments increased to61 percent of digital payments in 2019 from 37 percent in the previous year.

To date, as many as 50 banks have joinedhands with tax and customs agencies to collect taxes online, in all localitiesacross the country. Meanwhile, electricity bills can be collected via 27 banksand 10 payment service providers.

Data of the State Bank of Vietnam (SBV) showthat the country has nearly 18,300 ATMs and more than 289,000 points of sale.Up to 76 banks provide internet banking services and 44 have mobile paymentservices. There are 24 electronic wallet providers.

According to the SBV’s Payment Department,non-cash payments are becoming a trend in Vietnam and the use of cash isfalling. By the end of the third quarter of 2018, the volume and value oftransactions via ATM increased by 12 percent and 16 percent respectivelyagainst the end of 2017. The rates of payments via POS were also high at 42 percentand 29 percent, respectively.

Vietnam has been promoting electronicpayments since 2008. Only about 40 percent of the country’s 95 million peoplehave bank accounts, mostly in urban areas, while there are around 120 millionmobile phone subscriptions. -VNA

 

MORE NEWS

Policies needed to ensure sharing economy development is on-track

Sharing economy was not only creating opportunities to increase income but also opening up a new and flexible market, thereby creating a growth engine and increasing productivity for micro, small and medium – sized enterprises.

Some businesses are still paying high dividends

While many enterprises are facing difficulties, some plan to spend trillions of VND to pay dividends and buy treasury stocks.

Vietnamese box office smash to premier in Australia

According to Box Office Vietnam, The Girl from the Past has generated revenue of VND53 billion (US$2.2 million) after debuting in Vietnamese cinemas.

French Senate President arrives in Hanoi, beginning official visit to Vietnam

French Senate President Gérard Larcher arrived in Hanoi on December 8 morning, beginning an official visit to Vietnam at the invitation of National Assembly Chairman Vuong Dinh Hue.

Vietnamese film to compete at Golden Globe Awards

“Dem Toi Ruc Ro”, known as “The Brilliant Darkness” in English, a movie on domestic violence by American director Aaron Toronto, features in this year’s list of Golden Globe Awards’ nominees.

PM attends inauguration of Vietnam International Defence Expo 2022

Prime Minister Pham Minh Chinh and military officers pressed buttons inaugurating the Vietnam International Defence Expo 2022 at Gia Lam airbase in Hanoi on December 8.

PM’s trip to elevate Vietnam – EU to new height: diplomat

Prime Minister Pham Minh Chinh’s trip to attend an ASEAN-EU Commemorative Summit and visit Luxembourg, the Netherlands, and Belgium from December 9 to 15 is expected to promote and lift the Vietnam-EU cooperation to a new height.

Money borrowers face black credit traps on online lending apps

A lot of money borrowers have been recently cheated on online lending applications which seem to ask for simple procedures at first but then claim cut-throat interest rates.

Young scientist becomes first Vietnamese awarded by UK Royal Aeronautical Society

With the Young Persons’ Achievement Award, Dr. Nguyen Huyen Duc has become the first Vietnamese scientist to receive the prize from the UK’s Royal Aeronautical Society (RAeS).

Revelations of an e-cigarette seller

After exchanging text messages via social media, VietNamNet’s reporter, who acted as an e-cigarette buyer, decided to meet the seller and discovered many things that made him shiver.

Vietnam’s fruits enter choosy markets

In the domestic market, a red-flesh pomelo is priced at VND23,000-45,000/kg. In the US, it is VND535,000 per kilogram.

Vietnam imports nearly US$190 million of pork in Jan-Oct

Vietnam had imported 89,000 tons of pork products worth US$189.02 million in the year to October, contracting over 34% in volume and nearly 40% in value year-on-year, according to the Foreign Trade Agency under the Ministry of Industry and Trade.

Over VND9.6 trillion proposed for upgrading HCMC’s polluted canal

The HCMC People’s Committee has proposed investing over VND9.6 trillion in the Xuyen Tam Canal upgrade project at a meeting this morning, December 7, according to the local media.

Agencies write laws to help SMEs but lack information about the businesses

Some content needs to be more clearly quantified to better assess the effectiveness of these activities and the feasibility of regulations on SMEs.

‘Glorious ashes’ spark little hope for Vietnam’s cinema

‘Glorious ashes’ hit the screen when the audience became too discouraged about the  appearance of local movies with low revenue.
back_to_top